Meat Market Report: Trends, Growth Drivers, and Future Outlook 2024-2032

According to the report by Expert Market Research (EMR), the global meat market is projected to grow at a CAGR of 2.3% between 2024 and 2032. This growth is driven by increasing global population dynamics, rising disposable incomes, and changing dietary preferences that favour meat consumption. As consumers seek protein-rich diets, the meat market is expected to expand significantly by 2032.

The meat industry has evolved significantly in recent years, reflecting shifts in consumer behaviour, technological advancements, and sustainability concerns. The increasing demand for high-quality meat products, including organic and ethically sourced meats, is reshaping the market landscape. Moreover, the rise of health consciousness among consumers has led to a greater focus on leaner cuts of meat and the incorporation of meat into a balanced diet.

Additionally, the rapid urbanisation and growing middle class in emerging economies have bolstered demand for meat, as consumers increasingly seek out diverse protein options to meet their dietary needs. The convenience of ready-to-cook and processed meat products has further stimulated market growth, catering to busy lifestyles and the need for quick meal solutions.

Furthermore, advancements in livestock breeding and farming practices have enhanced meat production efficiency, contributing to the supply side of the market. Innovations in animal husbandry, such as improved feed efficiency and breeding techniques, are helping to meet the rising demand without compromising on quality or sustainability.

As the meat market continues to expand, players in the industry must also navigate challenges, including fluctuating raw material costs, regulatory changes, and growing environmental concerns. Emphasising sustainability and ethical practices will be crucial for maintaining consumer trust and ensuring long-term growth.

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Market Segmentation

The global meat market can be segmented based on type, distribution channel, and region.

Market Breakup by Type

1. Beef
   • Ground Beef
   • Steaks
   • Roasts
   • Others
2. Pork
   • Bacon
   • Ham
   • Pork Chops
   • Others
3. Poultry
   • Chicken
   • Turkey
   • Duck
   • Others
4. Lamb and Mutton
   • Lamb Chops
   • Leg of Lamb
   • Others
5. Processed Meat
   • Sausages
   • Bacon
   • Cured Meats
   • Others

Market Breakup by Distribution Channel

1. Off-trade
   • Supermarkets/Hypermarkets
   • Convenience Stores
   • Online Retail
2. On-trade
   • Restaurants
   • Cafés
   • Food Service Providers

Market Breakup by Region

1. North America
2. Europe
3. Asia Pacific
4. Latin America
5. Middle East and Africa

Competitive Landscape

The EMR report analyses the market shares, capacities, investments, and mergers and acquisitions, along with other significant developments of the leading companies in the global meat market. Some of the major players explored in the report include:

• Tyson Foods, Inc.
• JBS S.A.
• Cargill, Incorporated
• BRF S.A.
• Smithfield Foods, Inc.
• Pilgrim’s Pride Corporation
• Hormel Foods Corporation
• Nippon Ham Foods
• Maple Leaf Foods Inc.
• Others

These companies are investing heavily in research and development to enhance product quality, improve supply chain efficiencies, and adopt sustainable practices. Collaboration with local farmers and the implementation of traceability systems are some strategies being employed to ensure product integrity and consumer confidence.

Key Drivers of Growth

1. Increasing Population and Urbanisation

The global population is projected to reach approximately 9.7 billion by 2050, resulting in a substantial increase in food demand, particularly protein sources like meat. Urbanisation, especially in developing regions, is leading to shifts in dietary patterns as consumers move towards higher meat consumption due to improved access and availability.

2. Rising Disposable Incomes

As disposable incomes rise, particularly in emerging economies, consumers are increasingly willing to spend on high-quality and premium meat products. This trend is driving demand for diverse meat options, including organic and free-range products, as consumers prioritise health and quality over price.

3. Health Consciousness

The rising awareness of health and nutrition is influencing consumer preferences towards leaner meats and protein-rich diets. As a result, there is a growing demand for products such as chicken, turkey, and lean cuts of beef, which are perceived as healthier alternatives.

4. Convenience Foods

The popularity of convenience foods and ready-to-eat meal options is a significant driver of growth in the meat market. Busy lifestyles and changing eating habits are pushing consumers towards products that offer quick preparation and easy consumption, such as pre-marinated meats, ready-to-cook kits, and processed meat items.

5. Technological Advancements

Innovations in meat processing, packaging, and preservation technologies are enhancing product quality and shelf life, thereby increasing market attractiveness. Advanced farming techniques and genetic improvements in livestock breeding are also contributing to higher production yields and better-quality meat.

Challenges Facing the Meat Market

1. Environmental Concerns

Meat production is associated with significant environmental impacts, including greenhouse gas emissions, land use, and water consumption. As sustainability becomes a crucial concern for consumers, the meat industry faces pressure to adopt more environmentally friendly practices, such as reducing waste and improving animal welfare standards.

2. Regulatory Challenges

The meat industry is subject to strict regulations regarding food safety, animal welfare, and environmental sustainability. Compliance with these regulations can pose challenges for manufacturers, particularly in regions with stringent standards.

3. Fluctuating Raw Material Costs

The volatility of raw material prices, including feed costs and livestock prices, can significantly impact profit margins for meat producers. Factors such as climate change, disease outbreaks, and supply chain disruptions can lead to price fluctuations and affect overall market stability.

4. Changing Consumer Preferences

The rise of plant-based diets and alternative protein sources presents a growing challenge to the traditional meat market. Consumers are increasingly exploring meat alternatives due to health, environmental, or ethical concerns, necessitating a shift in product offerings by meat companies.

5. Supply Chain Disruptions

Recent global events, such as the COVID-19 pandemic, have highlighted vulnerabilities in the meat supply chain, resulting in disruptions in production and distribution. Companies need to enhance their supply chain resilience to mitigate the impact of future disruptions.

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Future Trends

1. Sustainable Practices

The demand for sustainable and ethically sourced meat products is expected to continue to grow, prompting companies to invest in environmentally friendly farming practices and transparency in supply chains. Certifications for organic and humane animal treatment will likely become more prevalent as consumers seek assurance regarding their food choices.

2. Meat Alternatives

The rise of plant-based diets and meat substitutes will likely reshape the meat market landscape. Traditional meat companies are increasingly investing in alternative protein products to cater to this growing segment and address shifting consumer preferences.

3. Digital Transformation

The integration of technology into the meat supply chain, from farm to table, is expected to enhance efficiency, traceability, and product quality. Digital platforms for online sales and delivery are becoming more prominent, offering consumers convenient access to a wide variety of meat products.

4. Focus on Health and Wellness

As consumers become more health-conscious, there will be a growing demand for leaner, healthier meat options. Manufacturers are likely to respond by developing products that are low in fat and high in protein, as well as incorporating functional ingredients to enhance nutritional value.

5. Globalisation of Meat Trade

Increased international trade in meat products will continue to shape the market. As countries expand their export capabilities, consumers will have access to a broader range of meat options, driving competition and innovation within the industry.

The global meat market is poised for significant growth in the coming years, driven by demographic changes, rising incomes, and evolving consumer preferences. However, challenges such as environmental concerns, regulatory pressures, and the rise of alternative proteins necessitate a proactive approach from industry players. By embracing sustainability, investing in innovation, and responding to changing consumer demands, companies can position themselves for long-term success in the dynamic meat market.

In conclusion, the future of the global meat market will depend on the ability of players to adapt to the evolving landscape, ensure product quality, and engage with consumers’ growing health and sustainability concerns. As the market continues to evolve, strategic collaboration, investment in technology, and a focus on ethical practices will be critical for maintaining competitiveness and meeting the demands of a diverse consumer base.